Uranium Energy Corp (UEC) has announced the imminent restart of uranium production at its Christensen Ranch in-situ recovery (ISR) operations in Wyoming, US.
The company has secured its board’s clearance for the restart of its fully permitted operations.
First output from the site is due for August this year, with funding secured through the company’s existing cash reserves.
The uranium extracted will be processed at the fully operational Irigaray CPP, which has a licensed capacity of 2.5 million pounds of U3O8 (triuranium octoxide) annually.
UEC noted that the Irigaray CPP serves as a central hub for four fully permitted ISR projects in Wyoming’s Powder River Basin, including Christensen Ranch.
The company maintained a strategy of being 100% unhedged, which allows UEC to sell the produced uranium at current spot market prices.
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Presently, the company is focused on the recruitment and training of additional operations personnel.
The new hires are expected to come from local communities including Buffalo, Gillette, Casper, Kaycee and Wright, which will likely benefit from the job creation.
UEC president and CEO Amir Adnani said: “This is the moment we have been working towards for over a decade, having acquired and further developed leading US and Canadian assets with an exceptional, deeply experienced operations team.
“Uranium market fundamentals are the best the industry has witnessed, and various supply shocks have accelerated the bull market with recent prices eclipsing the $100 per pound level. With this exciting backdrop, we are pleased to announce our production restart in Wyoming.
“In addition to restarting production at the Company’s Wyoming operations, initiatives to resume production are also being advanced at our South Texas Hub & Spoke platform. We will provide more updates on the timing for this restart as milestones are achieved in that plan.”